Dewey Market Watch 10/6/18 to11/14/18

 

 

The Autumn selling season has been very good! There’s 10 new listings for the previous month which is average to good for this time of the year. The number of days on the market has been very low. If a property is accurately priced then a quick sale has been the result. I don’t believe that we’ll have an “off season” this year. There are tons of buyers out there and the minimal inventory that should keep purchasers busy throughout the year. We’ll experience a slight slow down during the holidays but expect the market to remain very active. Buyers who are serious had their Realtors set up auto searches so that their clients are alerted for every new listing. Buyers use websites like Realtor.com, Zillow… to set up similar automated searches that enable them to follow the market right up to date.

      There’s been eight pending contracts for the 4-5 weeks. Eight sales are good for this time of the year. The pending contracts have covered all areas of the market. Contracts that were ratified contained single family homes, single family homes on leased land, new condo construction and several resales. This further proves that active buyers are out there in all areas of the market. The interest rates are hovering around 5% for a 30 year fixed and still remains to be a good rate for a home purchase. The market surely needs inventory! You may be surprised to see how much your home is worth in “today’s” present market. Wondering? Please give me a call to set up a free, no sales pressure market analysis that will educate you with the value of your home

 

 

 

 

SINGLE FAMILY NEW COMMUNITY SIZE ASKING PRICE
107 Clayton St Reho By The Sea 4bd/2ba $725,000
102 West St. 57 year lease @ $19K yr Reho By The Sea  6bd/2.5ba $624,900 
22 Bedford Ave Indian Beach 7bd/4ba $2,100,000

Just listed! Rare single family home, fee simple in the heart of Dewey! This 4bd/2ba single family home is one of the few homes that’s listed under $1M in Dewey. Great rental location. Due to the location and the pricing this home will not last. Please call me asap for detailed information. Looking for a super strong rental? Look no further. This Reho. By The Sea home has a newly renegotiated lease. Previous years rental incomes were $67K. Great condition!! 22 Bedford is a new single family home just listed in prestigious Indian Beach. 1 Hazlett and 1 McKean, both listed for 4,900,000 makes this new listing the most affordable in Indian Beach.  

 

SINGLE FAMILY PENDING COMMUNITY SIZE ASKING PRICE
103 Jersey St   54 yr lease @ $16,628  Reho By The Sea 3bd/2ba $499,900
16 Jersey St Reho By The Sea 5bd/4ba $1,650,000
103 Chicago St 16 yr lease @ $12K yr Reho By The Sea 3bd/2ba $450,000
119 West St 60 yr lease @ $15K yr Reho By The Sea 3bd/1ba $279,000
21180 1st St Ann Acres 3bd/1.5ba $559,900

The Autumn sales market has picked up considerably. The Reho. By The Sea market has been strong with three recent pending contracts. My new listing at 21180 1st St. that sits at the end of a dead end street (quiet cul de sac) went to contract within the hour of listing the home. The quaint home at 16 Jersey went to contract. Jersey street is a high demand area in Dewey and reflects the quieter side of Dewey.

 

SINGLE FAMILY CLOSED COMMUNITY SIZE ASKING PRICE CLOSING PRICE
107 Carolina 57 yr lease @ $18,104 yr Reho By The Sea 4bd/2ba $579,900 $564,750
120 Rodney   6bd/6.5ba $2,500,000 $2,500,000
38399 George St Killens Addition 2bd/1.5ba $599,999 $300,000
38421 George St Killens Addition 4bd/1.5ba $575,000 $550,000
315 Dutch Rd Seabreeze Dev 3bd/3ba $699,000 $625,000

Single family home sales in the surrounding communities have increased. The 2 homes in Killens Addition and the one home in Sea Breeze are affordable single family homes that are still just a very short walk to the beach. I expect these prices to increase due to supply and demand. 107 Carolina is a wonderful home in RBTS that comes with a newer 57 year lease. Closing prices continue to appreciate in this area of the market. 120 Rodney didn’t last long! On the market for only 2 days this water view home is a true oasis. This home comes complete with pools, hot tubs and upgrades that will satisfy the most demanding clients!

 

SINGLE FAMILY INCREASE/DECREASE COMMUNITY SIZE PREVIOUSLY NEW PRICE
108 Carolina 54 yr lease @ $15,440 Reho By The Sea 3bd/2ba $699,000 $649,900
123 Chesapeake St Reho By The Sea 5bd/3.5ba $2,065,000 $1,999,999
38285 Blackstone Ave Silver Lake Manor 4bd/4fl ba/2hlf ba $1,850,000 $1,795,000
20968 Ann Ave Ann Acres 6bd/4.5ba $929,000 $899,000

 

 

CONDOS NEW BUILDING SIZE ASKING PRICE
1301 Coastal Hwy unit #443 Lighthouse Cove 3bd/2.5ba $899,900
1301 Coastal Hwy unit #463 Lighthouse Cove 3bd/2.5ba $1,499,900
1301 Coastal Hwy unit #462 Lighthouse Cove 3bd/2.5ba $1,499,900
1301 Coastal Hwy unit #258 Lighthouse Cove 2/2 $599,900
1301 Coastal Hwy unit #440 Lighthouse Cove 4/3 $899,900
22 McKinley St unit A Summerset 2bd/1ba $399,000
1406 Coastal Hwy Delano 2bd/2ba $399,900

Lighthouse Cove has released another building. This building is on the water front and is reflected in the pricing. Lighthouse Cove sales have been extremely strong and carries a bulk of the condo market. The two new condo listings at McKinley and Coastal Hwy are two new ocean block listings. The condo inventory in the ocean block is extremely low so don’t expect these units to last very long!

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
1301 Coastal Hwy unit #359 Lighthouse Cove 4bd/3ba $799,900
1701 Coastal Hwy unit #206 Opal 2bd/2ba $350,000
20981 Coastal Hwy unit #1 Beach Club 3bd/1.5ba $335,000

This area of the market always carried the market. Dur to the low, low inventory the numbers have fallen considerably. Supply and demand dictate a market. I expect resales to appreciate and new construction to fly off of the market. Due to the low inventory makes this an excellent time to list and sell in a very short period.

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE  CLOSING PRICE
1301 Coastal Hwy unit #450 Lighthouse Cove 2bd/2ba $599,900 $608,144
18 West St unit C Guthrie 2 1bd/1ba $274,900 $260,000

 

CONDOS $$ INCREASE/DECREASE BUILDING SIZE PREVIOUSLY NEW PRICE
119 Collins Ave unit #214 Marina View 1bd/1ba $424,900 $419,900
100 Van Dyke St unit # 201 Cove 1bd/1ba $369,000 $360,000

 

 

Dewey Market Watch 6/6/18 to 9/14/18

Welcome to my newly revised website!! I’ve recently updated my website with many new and exciting features, all geared up to be more user friendly:) Interested in a property below? Just click on the address and the full details as listed in our MLS system will appear. On June 1st we joined a new operating system that combines a multiple state membership. The new MLS information sheet on properties has changed and offers more detailed information on a given property. This weekly Market watch contains all of the activity for the summer of 2018. My weekly market Watch will resume on a bi weekly update every other weds. At that time I’ll have the ability to educate you with each new listing… in a much more detailed manner.

     To all of my 1st time users this section labeled Weekly Market Watch is a short editorial containing all transactions within the previous two weeks. The areas that are included are Dewey Beach, Indian Beach (South Dewey), Forgotten Mile to include Silver Lake Manor, Dodds Addition, Killens Addition on the east side of Ocean Hwy and Ann Acres and Poynters Addition on the west side of Ocean Hwy. This week’s update contains all of the transactions from 6/6/2018 to present, basically the whole summer. Transaction numbers are down in just about every corner of the market. Low inventory is to blame. The problem not only exists in Dewey but the who resort area has been effected. The low inventory has been reported on the front page of just about every newspaper in the state. Interest rates have risen sharply and was nearing the 5% mark but have recently dropped back down to 4.6250% for a 30 year fixed. These interest rates are still historically low and aren’t effecting the purchases of properties within our area. The autumn selling season is now in full gear. Many people consider listing their home after summer rental incomes are realized. Thinking of listing or wondering what the value of your home is? Please call me for a free market analysis

I need your support!! Like and SHARE me with your friends on facebook https://www.facebook.com/Deweybeachhomesales/

Have you ever been driving around, see a home that’s for sale that you like and wondered what the price was? Download my free app!  Search the menu for ‘nearby listings” and all of the details and price automatically appear. this app works within our new MLS multiple state membership to include DE, NJ, PA, NY, VA, DC

Text BHHSJCHOMA to 844-558-2447 to get my mobile app which let’s you search all MLS listings.

 

SINGLE FAMILY  NEW  COMMUNITY SIZE ASKING PRICE
25 Chesapeake St Reho. By The Sea 7bd/3.5ba $2,785,000
27 Chesapeake St  Reho. By The Sea 6bd/3.5ba $2,785,000
123 Chesapeake  Reho. By The Sea 5bd/3fl ba/ 2 hlf ba $2,165,000
109 Chicago St Reho. By The Sea 8bd/7fl ba/2 hlf ba  $2,550,000
110 Clayton St       U/C Reho. By The Sea 4bd/3ba  $645,000    
111 Clayton St        U/C Reho. By The Sea 3bd/2ba $545,000  
1 McKean Ave  Indian Beach 5bd/4.5ba $4,900,000
31 Hall Ave. Chancellery 5bd/6fl ba/2hlf ba $4,100,000
3 Hall Ave              U/C Chancellery 6bd/5.5ba $2,200,000
38285 Blackstone    Silver Lake Manor  4bd/4fl ba/2hlf ba  $1,850,000
315 Dutch Rd        U/C Seabreeze Dev 3bd/3ba $699,000

There’s only been seven new single family homes listings in Dewey in the previous 10 weeks. Let’s review the new listings! 25 Chesapeake & 27 Chesapeake! Need I say more. Two very Rare Silver Lake front oasis’s  just steps from the beach sums it all up. Great opportunity for a family compound! Location, location!! 123 Chesapeake is another great location in north Dewey. This 5 bed 3.5 bath, 3100 sq’ home sits on a slightly over sized lot in the 2nd beach block of Chesapeake. Due to location Chesapeake St. is one of  the most sought after streets in Dewey. 38285 Blackstone is another rare listing and another fine example of location, location! 110 & 111 Clayton are both homes from yesteryear. Great location and priced aggressively, both of these homes sold in 4 & 5 days Presently there’s 12 homes listed on the Dewey market. Inventory is desperately needed for the upcoming autumn selling season. Thinking of buying an investment this autumn? Contact me and I’ll be more than happy to educate you with the present market

SINGLE FAMILY PENDING COMMUNITY SIZE ASKING PRICE
110 Clayton St                       closed Reho. By The Sea  4bd/3ba $645,000
111 Clayton St                        closed   3bd/2ba $545,000
201 Cullen St.  Reho. By The Sea 4bd/2ba $1,400,000
107 Carolina St. RBTS 57 yr lease @ $18,104. yr Reho. By The Sea 4bd/2ba  $599,900
100 West St. Reho By The Sea 54 yr lease @ $16,600 yr Reho. By The Sea 3bd/1.5ba $399,000
102 Dover Rd   2bd/2.5ba $549,000
38421 George St  Killens Addition 4bd/1.5ba $575,000
3 Hall Ave                                    Chancellery 6bd/5.5ba $2,200,000
 20783 Old Bay Rd                  Poynters Addition 2bd/2ba $349,000
315 Dutch Rd                            Seabreeze Dev 3bd/3ba $699,000

Won’t last long is the new phrase in town. This is when properly priced single family homes will be snatched up due to the low inventory. 110 & 111 Clayton, 3 Hall Ave and 20783 Old Bay Rd all sold within two weeks from listing. The Dover St & George St listings initiated a couple of price reductions to get them sold. 107 Carolina is A Reho. By The Sea leased land property with a new 59 year lease. New renegotiated leases add value to the property and have been selling quite well. ALL of these homes with the exception of Hall are entry level pricing for fee simple homes in Dewey and surrounding walk to the beach communities.

SINGLE FAMILY CLOSED COMMUNITY SIZE ASKING PRICE CLOSING PRICE
118 B Clayton St. Reho. By The Sea 4bd/2.5ba $675,900 $655,000
110 Clayton St Reho. By The Sea 4bd/2.5ba $645,000 $601,000
111 Clayton St Reho. By The Sea  3bd/2ba  $545,000 $510,000
38761 Bayberry Drive Indian Beach 4bd/4ba $1,599,000 $1,500,000
40 Collins Ave.   Indian Beach 6bd/4ba  $1,300,000 $1,150,000
25 Beach Ave Indian Beach  4bd/3ba $1,395,000 $1,395,000
38350 Josephine St  Dodds Addition 3bd/2ba $595,000 $530,000
38287 William F St. Dodds Addition 4bd/3ba  $1,345,000 $1,240,000
38230 Robinson Dr.  Silver Lake Manor 4bd/3ba $775,000 $675,000
38205 Terrace Rd.  Silver Lake Manor 6bd/1ba $1,550,000 $1,525,000
38416 George St   Killens Addition 4bd/2.5ba $674,900 $660,000

Closing numbers have been down in the single family market due to the low inventory. There wasn’t any fee simple (you own land) closings up until August. Four of the closings have been in the Forgotten Mile just north of Dewey and two of the closings were in Indian Beach. The Forgotten Mile on the east side of Ocean Highway has been selling well. Naturally when inventory is critically low then surrounding areas appreciate and increase in activity.

SINGLE FAMILY                 
$$ INCREASE/DECREASE COMMUNITY  SIZE PREVIOUS  NEW PRICE        
7 Houston St. Reho. By The Sea 5bd/4fl ba/2hlf ba $2,250,000 $2,225,000        
100 West St. Reho By The Sea 54 yr lease @ $16,600 yr Reho. By The Sea 3bd/1.5ba $424,000 $399,000        
108 Carolina St. Reho. By The Sea 54 yr lease @ $14,440. yr Reho. By The Sea 3bd/2ba $799,000 $699,000        
107 Carolina St. Reho. By The Sea 57 yr lease @ $18,104. yr Reho. By The Sea 4bd/2ba $599,900 $579,900        
123 Chesapeake St. Reho. By The Sea 5bd/3fl ba/2hlf ba $2,165,000 $2,065,000        
315 Dutch Rd     U/C  Seabreeze Dev 3bd/3ba $729,000 $699,000         

 

 

CONDOMINIUM NEW BUILDING  SIZE  ASKING PRICE
20981 Coastal Hwy #1    Beach Club 3bd/1.5ba $385,000
100 Collins Ave #104 Marina Views 1bd/1ba $399,500
119 Collins Ave #214  Marina Views 1bd/1ba $434,900
1 Swedes St #2 Beachcomber 2bd/1.5ba $595,500
18 West St #C  Guthrie 1bd/1ba $274,900
1301 Coastal Hwy #C401  Lighthouse Cove 3bd/3ba  $1,147,000
38373 F Benson St Benson Proper 2bd/1ba $319,000

Low inventory continues to plague the condo market similar to the low inventory in the single family home market. Presently there’s only 27 active condos on the market. Nine of the listings are new construction at the Lighthouse Cove leaving the remaining 18 units all resales. Typical inventory is about 30 resales and a dozen new construction thus proving the numbers are way off of previous years inventories. There’s only been 14 closings for the YTD figures with five of the sales coming from the new construction at Lighthouse Cove.

CONDOMINIUMS PENDING BUILDING SIZE ASKING PRICE
1301 Coastal Hwy #252    Lighthouse Cove 2bd/2ba $449,900
1301 Coastal Hwy #353    Lighthouse Cove 2bd/2ba $559,900
1301 Coastal Hwy #450    Lighthouse Cove 2bd/2ba $559,900
1301 Coastal Hwy #452    Lighthouse Cove 2bd/2ba $609,900
1301 Coastal Hwy #455    Lighthouse Cove 2bd/2ba $624,900
1301 Coastal Hwy #456    Lighthouse Cove 2bd/2ba $639,900
1301 Coastal Hwy #453    Lighthouse Cove 2bd/2ba $609,900
1301 Coastal Hwy #256     Lighthouse Cove 2bd/2ba $499,900
18 West St #C U/C  72 hr kickout Guthrie 1bd/1ba $274,900
1 Swedes St #2 Beachcomber 2bd/1.5ba $595,500

Thanks to the new Lighthouse Cove project we have eight pending contracts in the last ten weeks. Another new building will be released shortly as construction progresses thus keeping the inventory for new construction well supplied. 

CONDOMINIUMS CLOSED BUILDING SIZE ASKING PRICE CLOSING PRICE
1301 Coastal Hwy.  #254 Lighthouse Cove 2bd/2ba $499,900 $456,322
1301 Coastal Hwy.  #354 Lighthouse Cove 2bd/2ba $569,900 $539,571
1301 Coastal Hwy.  #455 Lighthouse Cove 2bd/2ba $619,900 $620,000
1301 Coastal Hwy.  #353 Lighthouse Cove 2bd/2ba $559,900 $549,000
1301 Coastal Hwy.  #452 Lighthouse Cove 2bd/2ba $609,900 $600,000
1301 Coastal Hwy.  #250 Lighthouse Cove 1bd/1ba $449,900 $455,083
1301 Coastal Hwy. unit #456 Lighthouse Cove 2bd/2ba $639,900 $629,000
Collins Ave #114__ Marina Views 1bd/1ba $395,000 $375,000
8B McKinley Ave  Surfside 2bd/1ba $425,000 $395,000
1 Swedes St #2 Beachcomber 2bd/1.5ba  $595,500 $575,000
1113 Anchor Way   3bd/3ba $569,000 $544,000
15B Saulsbury St  RBTS 58 yr lease @ $8,400 yr Mariners Surfside 2bd/1ba $289,900 $270,000

 

     There’s only been eighteen condo closings in the year 2018. Ten of the closings were in the new construction in Lighthouse Cove and eight of the closings were re sales. There were four closings for condos on leased land. All of the closings took place in the Mariners Surfside complex. The owners re negotiated their leases and added value to the unit by doing so. Closing priced ranged from $270K to $290K  for the quaint 2 bedroom units.

 

WITHDRAWN   COMMUNITY SIZE ASKING PRICE
36 Collins Ave  Indian Beach 4bd/1.5ba $1,300,000
108 Collins unit  Marina Views 2bd/2ba $699,900
23 Bellevue St #3 Bellevue Sands Business C 6bd/6ba $1,550,000
1301 Coastal Hwy. Lighthouse Cove 2bd/2ba $574,900
38138 Terrace Rd Dodds Addition 4bd/3.5ba $839,900

 

COMMERCIAL BUSINESS WITH LAND BUSINESS WITH LEASE
23 Bellevue St  apartment building     Bellevue Sands Business Condo                    N/A

 

 

Market Watch for 5/18/18 to 6/4/18

Here is the weekly update for real estate market activity in Dewey Beach for the week starting on 5/18/18 to 6/4/18

HAPPY SUMMER!!! Gosh I never get tired of saying that:) Lots of activity in the Dewey market in the last two weeks. There were five new listings entered in areas that were in desperate need of new inventory. My top pick this week is the HUGE price reduction at 38399 George St. The single family home that’s zoned commercial had a previous asking price of $795K. The new asking price is $599,999 which is more in line with present market value.The new listing at 315 Dutch Rd in Sea Breeze is another fine new offering. The 3bd/3ba home sits on a gracious .27ac lot. Sea Breeze is a very much sought after community that offers the quiet side of Dewey:) The next listing is the future Dewey. This 6bd/4.5 ba, 3,515sq’ is adorable inside and out. Located on Ann St just a few blocks away from the beach. This beautiful home sets the standard as Dewey transitions from summer bungalows to 3 level McMansions. We have a new listing in Reho. By The Sea. This quaint summer cottage located at 100 West is being offered with a 54 year lease @ $16,628. The entry level asking price for a single family home is $424,000. A new listing in the Opal was added to the inventory. This 2bd/2ba, 925sq’ unit offers a slight ocean view and conveys turn key ready.

There were six pending transactions in the last two weeks. There were three closings in the new Lighthouse Cove complex. The property at 120 Read went to contract. The property had two grandfathered homes on one lot. Rehoboth By The Sea got in on the action as they had two sales. Both of the sales were in the ocean block. My condo listing at 15B Saulsbury (Mariners Surfside) and 21 Saulsbury rounded out a very active couple of weeks.

My website will be be down 6/5/18 as our MLS system transitions into a 7 state membership that includes a whole new operating system. My down time has been extended to allow time for a few upgrades within my own website. The down time should be approximately two weeks for updates to be applied. Stay tuned for some nicely added features!!

DELMARVA SCENES Memorial weekend has gifted us with a new summer:) It was good to see lots of happy, smiling faces. Summer is in full gear as the beaches over flow with happy sunworshippers. All species of warm weather fish have arrived in our local waters.  All of our summer wildlife has returned to spend a relaxing summer with us. It’s a great time to live at the beach!!!!! Happy summer!

I have a new app that allows you to access information on any property that’s listed in Sussex County. Have you ever been driving around, see a home that you like and was wondering the price of the home? Just a simple click on my app and the first item on the menu is NEARBY properties. A list will populate all of the immediate nearby listings. Click on the property of interest and the app automatically pulls that property listing information directly from our MLS operating system. Lots of other cool features as well! 

Text BHHSJCHOMA to  844-558-2447 to get my mobile app which let’s you search all MLS listings while on the go!!

NEW LISTINGS

SINGLE FAMILY 

315 Dutch Rd – Seabreeze Dev – 3bd/3ba – asking: $749,000

20968 Ann Ave. – Ann Acres – 6bd/4.5ba –  asking: $929,000

100 West St – RBTS leasehold 54 yrs@ $16,628 yr – 3bd/1ba – asking: $424,000

108 Carolina St  RBTS leasehold 54 yrs@ $15,440 yr – 3bd/2ba – asking: $799,000

CONDOMINIUMS

1609 Coastal Hwy – unit S402 Opal – 2bd/2ba – asking: $489,000

LOTS & LAND 

N/A

COMMERCIAL

38399 George St. – Killens Addition – 2bd/1ba – previously: $795,000 – new: $599,999

PRICE REDUCTION

109R Dagsworthy St – unit C Rainbow Cove – previously: $379,000 – new: $369,000

1301 Coastal Hwy –  unit254 Lighthouse Cove –  2bd/2ba – previously: $514,900 – new: $499,900

1301 Coastal Hwy – unit401 Lighthouse Cove – 3bd/3ba – previously: $1,349,000 – new: $1,289,000

1301 Coastal Hwy – unit413 Lighthouse Cove – 2bd/2ba – previously: – $514,900 – new: $499,900

1301 Coastal Hwy – unit456 Lighthouse Cove – 2bd/2ba –  previously: – $649,900 new: $639,900

1701 Coastal Hwy – unit N206 Marina Views – 1bd/1ba  -previously: $389,900 – new: $375,000

16D Rodney Ave  – unit 9 Blue Surf – 5bd/3.5ba – previously: $789,000 – new: $774,900

201 Cullen Ave – Rehoboth By The Sea – 6bd/4ba – previously: $1,600,000 new: $1,500,000

22 Bedford – Indian Beach – 7bd/4ba – previously: $2,500,500 – new: $2,500,000

PRICE INCREASE

1117 Coastal Hwy –  unit 214 Marina Views – 1bd/1ba – Previously: $337,900 – new: $437,900

CLOSINGS

1 St. Louis St – unit 301 Wilson Dunes – 3bd/2ba – asking $1,700,000 – closed $1,700,000

101 Rodney St – unit 2 Bay View – 2bd/1ba – asking: $289,900 –  closed: $265,000

1301 Coastal Hwy – unit 356 Lighthouse Cove – 2bd/2ba – asking: $599,900 – closed: $536,194

PENDING CONTRACTS

15B Saulsbury St  RBTS 58 leasedhold @ $8,469 yr – 2bd/1ba –  asking: $289,900

1301 Coastal Hwy –  unit 252 Lighthouse Cove – 2bd/2ba – asking: $449,900

1301 Coastal Hwy –  unit 250 Lighthouse Cove – 2bd/2ba – asking: $449,900

120 Read – 2 grandfathered single family – 5bd/3ba – asking: $750,000

21 Saulsbury St RBTS 6 yr leasehold @ $809. yr (2 homes)  7bd/4.5ba – asking: $299,000

WITHDRAWN

105 Bellevue – unit B Sanctuary – 2bd/1ba – asking: $363,900

BACK ON MARKET

N/A

Tags: 
update from 5/18/18 to 6/4/18